No Chinese Approval Delays Hummer Deal
By Jeff Karoub |
February 3, 2010, Wednesday
|
Print Edition
Print Edition
GENERAL Motors' plan to sell the hulking, once-hot Hummer line to a Chinese heavy equipment maker has been delayed by a month, officials said on Monday.
GM and Sichuan Tengzhong Heavy Industrial Machinery Corp said they are extending the deadline to complete the deal until February 28 pending final approval by the Chinese government. The previous deadline was January 31 for a deal to sell the line once synonymous with America's love for big off-road vehicles.
Hummer spokesman Nick Richards said the deal has cleared United States regulatory hurdles. He called it a complex agreement but said both companies are "optimistic the deal will be completed" by month's end.
GM and Sichuan Tengzhong Heavy Industrial Machinery Corp said they are extending the deadline to complete the deal until February 28 pending final approval by the Chinese government. The previous deadline was January 31 for a deal to sell the line once synonymous with America's love for big off-road vehicles.
Hummer spokesman Nick Richards said the deal has cleared United States regulatory hurdles. He called it a complex agreement but said both companies are "optimistic the deal will be completed" by month's end.
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